WilliamProcida Inc.

The move is largely driven by the current state of the market,he tells GlobeSt.com exclusively. "The first 15 years of my career,anybody who was anybody had 20 years experience at least, if notmore, and was second generation, grew up, came through the ranks,"he tells GlobeSt.com. "And the past decade, pretty much the averageexperience was three-to-five in good times. Everybody seems to havea private equity fund now, and very few people know anything aboutconstruction, on-site marketing, repositioning, approvals and allthat good stuff that real estate was made from, instead offinancial engineering, like rate compression, yieldcompression.

"So I figured that a guy with construction, sales and leasing,development expertise combined with the fact that I was a fundmanager for a decade, might just come in handy," Procida continues."Last year, I did a substantial amount of workout business, sobasically I sold the fund management business and kept the assetmanagement advisory business."